The Commodity Futures Exchange Commission (CFTC) has charged two people and a Las Vegas-based organization, and Wyoming corporation, with an ICO scam. Additionally we uncovered a sister company involved in London, England.

Randall Crater of East Hampton, New York, Mark Gillespie of Hartland, Michigan, and My Big Coin Pay, Inc. (MBP) allegedly took $6 million customer funds and lined their own pockets for personal use.

In a CFTC statement Director of Enforcement James McDonald said:
“As this case shows, the CFTC is actively policing the virtual currency markets and will vigorously enforce the anti-fraud provisions of the Commodity Exchange Act. In addition to harming customers, fraud in connection with virtual currencies inhibits potentially market-enhancing developments in this area. We caution potential virtual currency customers, once again, that they should engage in appropriate diligence before purchasing virtual currencies.”

The Defendants allegedly misappropriated funds to personal accounts where funds were used to purchase "a home, antiques, fine art, jewelry, luxury goods, furniture, interior decorating and other home improvement services, travel, and entertainment".

When customers began to suspect foul play, MBP made attempt to "quiet" them by issuing them more unit of MBP coin, a digital asset which isn't traded on any exchange we could find other than NovaExhange with a current value of a whopping 6.4 cents USD.



Shady Sister Company Revealed

The CFTC statement states MBP "misrepresenting that MBC had partnered with MasterCard, with the promise that MBC could be used anywhere MasterCard was accepted, when in fact no such partnership existed and MBC could not be used anywhere MasterCard was accepted"

However, we dug a bit deeper and discovered a London England based company involved in the United Kingdom.

MBP supposedly began in 2013, but shows no activity until 2015 when they partners with a Visa card provider to provide ways to spend their asset. Interestingly enough, the card issuing company, V Card Net Ltd. (VCN), registered in London, England (reg. # 09721530), lists MBP as the only newsworthy item of their existence on their website.

Which is almost always a sign of conflicting interests, so we took a look at VCN and as suspected, it's a sister company of MBC where Randall Crater is a director.



Clearly this company was started for the sole purpose of being an entity that would be supposedly issuing Visa and Mastercard payment cards for MBP. On MBP's website, they state that on January 2015 they "partnered" with VCB to provide this service.

However, VCB didn't even exist at the time. VCB didn't organize as an entity until June of 2015 (See bottom of page above "Date Authorised: 6/08/2015").

How is it they were partnered with VCB and offering payment cards before the payment card provider even existed? Perhaps they traveled back in time?


Moreover. if we look at VCB, the company appears to be a farce itself. Under the card issuers "fee schedule", after being in existence for 2.5 years and supposedly servicing MBP for 3 years, an amazing feat miraculously service their first customer a full 6 months before they even existed, they show that their fees are "coming soon".

What reputable card payment issuer doesn't have an apparent fee schedule? We'll tell you. Zero. 

It's one of the first things customers look at.

Clearly, this is nothing more than a shell company setup to defraud customers into believing something tangible existed whereas in fact it did not.

According to VCN's website, the payment card is:
".. issued by V Card Net Limited pursuant to a license from Visa Europe. Registered Office: 20-22 Wenlock Road, London, N1 7GU."
Which certainly sounds all "official", however, it's bullshit and there's an app for that.

Visa offers a global providers registry of every provider involved with any of it's products and services.

Guess what? There is no "V Card Net", "V Card Net Limited", "V Card Net Ltd.", "V Card", or any other form of the entities name in existence on the registry, in other words, they do not have a license with Visa Europe and they are not authorized to issue any card bearing the Visa logo.

SHOCKER THERE!

They don't even claim to issue Mastercard payment cards despite the fact the "Mastercard logo" is present on their website.

Another individual by the name of Edward White is also listed as an owner of V Card Net, Ltd., and does not appear to be directly associated with MBP. Perhaps the UK has been investigating this further. If not, they may well start now.

The CFTC is seeking monetary penalties, restitution, rescission, disgorgement of ill-gotten gains, trading and registration bans, and permanent injunctions against further violations of the federal commodities laws, as charged.

You can read the full CFTC report here.





[accordion] [item title="Author and Credits"] Article by dinbits
Image Credits: Banner Image by dinbits.com staff

[/item] [item title="Disclaimer"]The opinions expressed by authors of articles linked, referenced, or published on dinbits.com do not necessarily express, nor are endorsed by, the opinions the of dinbits.com or its affiliates. Please review the Terms of Use for more information.[/item] [/accordion]



Post a Comment

  1. Many binary operations are rippers. I invested about $20,000 then i decided to withdraw after several week but the withdrawal wasn’t successful, then I tried to contact the binary operation email and phone number, but got no response from them that was when everything started looking weird. Some weeks later I got a mail from them insisting I should invest more money if I want to withdraw my money which I rejected, and I never hear from them again that was when I knew I had been scammed. I was really devastated at those moment and felt so bad that my hard earn money is gone. After some month I came across a lot of testimonies on many bitcoin site how (cyberghost475@gmail dot com) had helped many people recovered there stolen, scammed or duped money on bitcoin or any other form on digital currency. I contact them and they promised to help me get my money back, asked me some personal details of the scammer which I provided. The result was amazing I recovered all my stolen money back within 72 hours I was so happy as I never believe I could get my money back. Thanks Digital Currency you restore Joy into my life after several pain I’m so indebted!!!
    he also help me to recovered all my bitcoin through those called fake bitcoin miner that scammed a lot of btc he hacked through their bitcoin wallet address am very happy now please help me to thank this hacker called cyberghost
    contact via whatsapp +19293593547

    ReplyDelete
  2. Many binary operations are rippers. I invested about $20,000 then i decided to withdraw after several week but the withdrawal wasn’t successful, then I tried to contact the binary operation email and phone number, but got no response from them that was when everything started looking weird. Some weeks later I got a mail from them insisting I should invest more money if I want to withdraw my money which I rejected, and I never hear from them again that was when I knew I had been scammed. I was really devastated at those moment and felt so bad that my hard earn money is gone. After some month I came across a lot of testimonies on many bitcoin site how (cyberghost475@gmail dot com) had helped many people recovered there stolen, scammed or duped money on bitcoin or any other form on digital currency. I contact them and they promised to help me get my money back, asked me some personal details of the scammer which I provided. The result was amazing I recovered all my stolen money back within 72 hours I was so happy as I never believe I could get my money back. Thanks Digital Currency you restore Joy into my life after several pain I’m so indebted!!!
    he also help me to recovered all my bitcoin through those called fake bitcoin miner that scammed a lot of btc he hacked through their bitcoin wallet address am very happy now please help me to thank this hacker called cyberghost
    contact via whatsapp +19293593547

    ReplyDelete
  3. Many binary operations are rippers. I invested about $20,000 then i decided to withdraw after several week but the withdrawal wasn’t successful, then I tried to contact the binary operation email and phone number, but got no response from them that was when everything started looking weird. Some weeks later I got a mail from them insisting I should invest more money if I want to withdraw my money which I rejected, and I never hear from them again that was when I knew I had been scammed. I was really devastated at those moment and felt so bad that my hard earn money is gone. After some month I came across a lot of testimonies on many bitcoin site how (cyberghost475@gmail dot com) had helped many people recovered there stolen, scammed or duped money on bitcoin or any other form on digital currency. I contact them and they promised to help me get my money back, asked me some personal details of the scammer which I provided. The result was amazing I recovered all my stolen money back within 72 hours I was so happy as I never believe I could get my money back. Thanks Digital Currency you restore Joy into my life after several pain I’m so indebted!!!
    he also help me to recovered all my bitcoin through those called fake bitcoin miner that scammed a lot of btc he hacked through their bitcoin wallet address am very happy now please help me to thank this hacker called cyberghost
    contact via whatsapp +19293593547

    ReplyDelete
  4. Do You Need A Powerful Africa Native Doctor? I Mean A Spiritual Herbalist
    With Great Spirit Connected To Ancestors. Call or WhatsApp +2349058774809 Dr Obodubu Monday Is A High Voodoo Priest Master. He is a Spell Caster, Native
    Doctor, Spiritual Herbalist, Powerful Sickle cell Healer, Spiritual
    Astrologer, Psychic Reader, Multi Guru, Witch Doctor, Priest Of Africa
    Money Ritual.
    Have You Been To Native Doctor to Native Doctor Without Any Solution To
    Your Problems Or Rather Add To it? Have You Been To Place To Place In View
    Of A Powerful Native Doctor That Can Solve All Your Predicament, You Must
    Understand That There Is A Native Doctor That Supersede All Native Doctor
    Among All Native Doctor, If You Are In Search Of A Powerful Native Doctor
    With Great Spiritual Powers, Then You Must Be In Search Of A Native Doctor
    That Derives Power From The Marine World. That Is The Spirituality Of The
    Greatest Africa Native Doctor Obodubu.
    Dr Obodubu Is Recognized All Over The World Of Marine Kingdom, As One
    Of The Top Fortunate And Most Powerful Native Doctor Of Charms Casts From
    The Beginning Of His Ancestors ship Until Now Dr who lives Strong
    Among All Other Native Doctors, There Have Never Been Any Form Of
    Impossibility Beyond The Control Of Dr Obodubu. It Doesn't Matter The
    Distance Of The Person With The Problems Or Situation, All You Have To Do
    Is Believe
    In The Native Obodubu charms Casts That Works, He Always
    Warns Never To Get His Charms Casts If You Do Not Believe Or Unable To
    Follow His Instruction.
    It Is The Assignment Of The Native Doctor Obodubu To Offer
    Services To Those In Need Of Spiritual Assistance Not Minding The Gravity
    Of Your Situations Or Distance As Long As Water, Sea, Ocean, Lake, River
    Sand etc. Are Near You, Then Your Problems Of Life Would Be Controlled
    Under Your Foot.
    If You Need Any Spiritual Help On Any of These:
    Get Your Lover Back
    Fruit Of The Womb
    Fibroid
    Business Boom
    Financial Breakthrough
    Get Rich Without Ritual WhatsApp +2349058774809
    Do As I Say
    Bad Dream
    Promise And Fail
    Epilepsy
    Spiritual Attack
    Land/Court Case
    Mental Disorder
    Political Appointment
    Visa Approval
    Cancer
    Examination Success
    Spend And Get Back
    Good Luck
    Natural Health
    Hypertension
    Diabesity (Diabetic+Obesity
    Stroke
    Sickle Cell
    Impotency
    Win Court Case
    Promotion At Work
    Commanding Tone
    Protection Ring
    Marriage Success
    Love Ring
    Favour Ring
    Recover Lost Glory
    Spiritual Power For Men Of God
    Travel Success Ring
    Job Success
    Lotto/Pool Win And Many More.
    Make Haste To Call or WhatsApp Dr Obodubu Monday +2349058774809. Or Mail Him to
    [email protected] For Spiritual Problem Today And
    You Will Surely
    Get Solution To All Your Predicament.
    Email: [email protected]

    ReplyDelete
  5. Do You Need A Powerful Africa Native Doctor? I Mean A Spiritual Herbalist
    With Great Spirit Connected To Ancestors. Call or WhatsApp +2349058774809 Dr Obodubu Monday Is A High Voodoo Priest Master. He is a Spell Caster, Native
    Doctor, Spiritual Herbalist, Powerful Sickle cell Healer, Spiritual
    Astrologer, Psychic Reader, Multi Guru, Witch Doctor, Priest Of Africa
    Money Ritual.
    Have You Been To Native Doctor to Native Doctor Without Any Solution To
    Your Problems Or Rather Add To it? Have You Been To Place To Place In View
    Of A Powerful Native Doctor That Can Solve All Your Predicament, You Must
    Understand That There Is A Native Doctor That Supersede All Native Doctor
    Among All Native Doctor, If You Are In Search Of A Powerful Native Doctor
    With Great Spiritual Powers, Then You Must Be In Search Of A Native Doctor
    That Derives Power From The Marine World. That Is The Spirituality Of The
    Greatest Africa Native Doctor Obodubu.
    Dr Obodubu Is Recognized All Over The World Of Marine Kingdom, As One
    Of The Top Fortunate And Most Powerful Native Doctor Of Charms Casts From
    The Beginning Of His Ancestors ship Until Now Dr who lives Strong
    Among All Other Native Doctors, There Have Never Been Any Form Of
    Impossibility Beyond The Control Of Dr Obodubu. It Doesn't Matter The
    Distance Of The Person With The Problems Or Situation, All You Have To Do
    Is Believe
    In The Native Obodubu charms Casts That Works, He Always
    Warns Never To Get His Charms Casts If You Do Not Believe Or Unable To
    Follow His Instruction.
    It Is The Assignment Of The Native Doctor Obodubu To Offer
    Services To Those In Need Of Spiritual Assistance Not Minding The Gravity
    Of Your Situations Or Distance As Long As Water, Sea, Ocean, Lake, River
    Sand etc. Are Near You, Then Your Problems Of Life Would Be Controlled
    Under Your Foot.
    If You Need Any Spiritual Help On Any of These:
    Get Your Lover Back
    Fruit Of The Womb
    Fibroid
    Business Boom
    Financial Breakthrough
    Get Rich Without Ritual WhatsApp +2349058774809
    Do As I Say
    Bad Dream
    Promise And Fail
    Epilepsy
    Spiritual Attack
    Land/Court Case
    Mental Disorder
    Political Appointment
    Visa Approval
    Cancer
    Examination Success
    Spend And Get Back
    Good Luck
    Natural Health
    Hypertension
    Diabesity (Diabetic+Obesity
    Stroke
    Sickle Cell
    Impotency
    Win Court Case
    Promotion At Work
    Commanding Tone
    Protection Ring
    Marriage Success
    Love Ring
    Favour Ring
    Recover Lost Glory
    Spiritual Power For Men Of God
    Travel Success Ring
    Job Success
    Lotto/Pool Win And Many More.
    Make Haste To Call or WhatsApp Dr Obodubu Monday +2349058774809. Or Mail Him to
    [email protected] For Spiritual Problem Today And
    You Will Surely
    Get Solution To All Your Predicament.
    Email: [email protected]

    ReplyDelete
  6. You should experience a tournament for just one of the best blogs on-line. Let me suggest this website! Okex invite code

    ReplyDelete
  7. abra for $40 bonus + $25 on invite ... (ThePrint ValueAd Initiative content is a paid-for, sponsored article.

    ReplyDelete

Powered by Blogger.